Colonial Residential Income
For Sale
$92,500
231-233 Maryland Ave, Westernport, MD 21562
Established residential income property with natural gas heating and on-street parking.
Property Size1,662 SF
Price / SF$83.48
Days on Market272
Property Features for 231-233 Maryland Ave
General Information
Standard status
Active
Size
1,662 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$447
Amenities
Baseboard, Hot Water, Natural Gas
Electric Water Heater
On Street
Colonial
Building Details
Building Size
1,662 SF
Year Built
1940
Listing Agency:
The American Real Estate Co.
(301) 707-0616
Listed By:
Timothy A Brinkman · License #321092
(301) 707-0616
Source:
Evrealestate
Added: Dec 2, 2025
Changed: Aug 31
Last Checked: Aug 31 at 12:45AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of The American Real Estate Co.
Investment Insights
Based on property information with market context.
This residential income property offers 1,108 square feet within a Colonial-style structure built in 1940. Interior systems include baseboard and hot-water heating, along with an electric water heater and natural gas service.
The property is located at 231-233 Maryland Ave in Westernport, Allegany County, Maryland. On-street parking is available, providing the documented parking arrangement for the property.
The property is located at 231-233 Maryland Ave in Westernport, Allegany County, Maryland. On-street parking is available, providing the documented parking arrangement for the property.
Key Highlights
- 1,108‑square‑foot residential income property
- Built in 1940
- Colonial exterior design
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$6,947
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.51%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$138,940
$138.9K
Cap Rate 7%
$99,243
$99.2K
Cap Rate 9%
$77,189
$77.2K
Market Conditions
NOI Build-Up for 1,108 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$13.3K $12.00/SF
− Vacancy
−$665 −$0.60/SF
EGI
$12.6K $11.40/SF
− OpEx
−$5.7K −$5.13/SF
NOI
$6.9K $6.27/SF
Area
Allegany County, MD
Vacancy
5.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$138,940
Cap Rate 7%
$99,243
Cap Rate 9%
$77,189
Alternative Uses
Best Use
Apartment 5plus
$99.2K
$86.8K – $115.8K
NOI $6,947 @ 7.0% cap · market cap 7.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$410.9K
$359.5K – $479.4K
NOI $28,763 @ 7.0% cap · market cap 31.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
157
Businesses Nearby
Explore this area
Business Placement
Demographics for 21562, MD
2,857
Population
1,517
Households
1.9
Avg Household Size
45
Median Age
14%
College-Educated
92%
High-School Grad
28.9 sq mi
ZIP Area
99
Density / Sq Mi
$53,056
Median Household Income
$32,825
Median Earnings
$461
Median Rent
$113,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Established residential income property with natural gas heating and on-street parking.
Where is this residential income property located?
The property is located at 231-233 Maryland Ave Westernport, MD.
What is the asking price?
The asking price for this property is $92,500.
What are key features of this property?
This property features: 1,108‑square‑foot residential income property; Built in 1940; Colonial exterior design
